Irish ultra-low-cost carrier (ULCC) Ryanair is reportedly considering a move from a Dublin stock market listing to a listing in Brussels. The move would be unfortunate for Dublin, considering the carrier has an operational base and a significant presence in the city.
While nothing has been confirmed yet, Ryanair is reportedly dissatisfied with the listing rules in Dublin. It comes after the airline announced that Dublin Airport (DUB) would lose over 15 routes and nearly 20 aircraft due to the airport’s operator raising costs.
“No reason” to be in Dublin
According to The Sunday Times, the consideration of moving comes amid growing frustrations with the domestic market. Ryanair’s CEO, Michael O’Leary, reportedly explained that stamp duties at high levels on share trading were a nuisance for international investors in Ireland.
The executive also mentioned that although Dublin is included in the pan-Europen stock market group, Euronext, the largest stock exchange group in Europe, and Britain are leaving the European Union, making the local exchange aligned too closely to the governance rules of the London Stock Exchange (LSE). According to Alliance News, the Dublin stock exchange makes up a portion of the Euronext group.
“There is no reason why we should be in Dublin, rather than Brussels,” O’Leary added to The Sunday Times. Moreover, the CEO commented on the regulation of European exchanges, saying they were simpler and that Dublin needed to transition to the same model.
According to Alliance News, Ryanair completed its delisting from the LSE in December of 2021, shifting its primary listing to Dublin. The ULCC reportedly blamed the deteriorating trade volume in London post-Brexit for its decision.
One company has already decided to move
Should the airline depart from Dublin, it would be a blow to the market as another company is moving. CRH, a leading provider of building materials headquartered in Dublin, is reportedly delisting, and it goes into effect on Monday. The firm will continue to trade in London, but its primary listing will move to New York, according to Alliance News.
As a result, it will also leave the FTSE 100 Index, which comprises 100 of the most highly capitalized blue chip companies listed on the LSE. Howdens Joinery, a furniture commercial company, is set to replace CRH on the FTSE Index.
Disappointment in Dublin
This all comes as Ryanair announced last week that DUB will lose several routes and aircraft due to the airport’s operator, the Dublin Airport Authority (DAA), increasing costs by nearly 50%.
The ULCC accused the operator of wasting €250 million ($266,226,250) of money from taxpayers on an underground cargo tunnel at DUB that will allow airport vehicles to travel between the eastern and western grounds of the airport under its north runway, which is now operational. The DAA proposed the tunnel in September 2022 and was given the green light for construction earlier this year, according to the Irish Independent. It is expected to be completed in 2024.
Ryanair slammed DUB on the social media platform X, saying the “DAA makes Dublin Airport uncompetitive by hiking up airport charges by 45%” and that the airport operator “offers airlines no incentives to grow traffic.”
The airline went on to say that “DAA’s tunnel vision is bad for passengers, bad for jobs, bad for connectivity, and bad for growing the Irish economy.”
